Putin and Xi Tackle Financial Settlement Strategies at BRICS Summit

Russian President Vladimir Putin and Chinese President Xi Jinping discuss issues related to financial settlements during the BRICS summit in Kazan. Russia aims to find alternative international payment solutions to bypass secondary sanctions and improve trade settlements with friendly nations, including China.

During the BRICS summit in Kazan, Russian President Vladimir Putin engaged in dialogue with Chinese President Xi Jinping over the complexities of financial settlements, Russian media reported. The discussions focused on finding alternative solutions to international payment systems that could bypass potential sanctions.

Putin hosted various heads of state for a dinner on Tuesday, which was part of the bilateral talks centered around overcoming trade settlement issues. The meeting highlighted the need for the BRICS countries to develop payment strategies that are independent of traditional Western financial systems.

Russia is particularly concerned about the impact of U.S. secondary sanctions, which it believes hampers trade even with allied nations. The Kremlin aims to collaborate with BRICS partners to facilitate smoother trade payments, especially with nations like China, whose banks fear repercussions from the United States.

(With inputs from agencies.)